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ARTICLE · 17 MAY 2021

Fintech Week In Review: Week Of May 7, 2021

Perkins Coie LLP
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The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.

United StatesTechnology
Samuel D. Boro
Samuel D. Boro

Weekly Fintech Focus

  • The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.
  • California DFPI enters a settlement with a fintech company to stop the use of the word "bank" in its name, website URL, and advertising, and requires clear disclosure of the fintech's bank partnership.

Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services

The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed's Regional Banks to use when considering granting access for fintech companies with banking charters to access Fed services (the Account Access Guidelines). Numerous fintech companies have pursued or are pursuing narrow charters with state banking regulators (e.g., industrial loan companies) or the Office of the Comptroller of the Currency (e.g., certain national

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